Floating wind industry foundation developer BW Ideol has signed an agreement to acquire a 5% ownership in the 30MW EolMed floating wind pilot project in the French Mediterranean.
"This investment confirms the company’s dual-track growth strategy as co-developer of floating wind projects and as floating foundation EPCI provider," the company said.
BW Ideol and Qair have been cooperating on the project since 2016 and the early development stages when the French government awarded the project on the merits of BW Ideol’s floating wind technology. Since, in 2020, TotalEnergies Renewables acquired a 20% ownership in the project.
EolMed is one of the first floating wind projects in the Mediterranean and is composed of three 10 MW Vestas wind turbines, currently one of the most powerful offshore wind turbines in operation in the market. The project will be installed 15 km off Gruissan, France.
“We are very pleased to further support the development of this flagship project and join EolMed’s existing shareholders. By licensing our floater technology, providing design and engineering services, and becoming a co-shareholder of the project, we are both executing our long-term growth and value creation strategy as well as strengthening our project portfolio and our unique access to a valuable return of experience”, said Paul de la Guérivière, the CEO of BW Ideol.
The EolMed project is progressing towards the final investment decision (FID) with an expected start of construction in early 2022.